Your last will and testament (LW&T) are your final legal declarations of who you want to inherit your assets after you die. Naturally, this area of the law is complicated because the final wishes of a deceased person are often subject to scrutiny by other parties who feel they are entitled to assets they did not receive.
Because of this, those living in Sydney hire The Norton Law Group lawyers to ensure that their final wishes are carried out the way they expect. This role is a huge responsibility and shouldn’t be awarded to just anybody.
Let’s take a look at some tips you can use to help you pick a competent and trustworthy executor of will in NSW like The Norton Law Group Lawyers:
How do you pick an executor of will in NSW?
This person will be the primary individual who manages the fate of your estate and carries out the wishes of your LW&T. It’s their job to ensure that both your solid and liquid assets are distributed according to your wishes and that there is no deviation in this distribution process.
Their job will also involve filing documentation, following the legal process and ensuring the whole process runs smoothly. This also involves sorting out the closure of your bank accounts and the redirection of your mail.
Ideally, you should have a back-up executor of will in NSW nominated in case your first choice can’t perform the role or dies themselves.
What are the traits of a good executor of will in NSW?
There are several important traits you should expect to see demonstrated by the person you nominate to see your last wishes are fulfilled. Some of these traits include:
- Trustworthiness
- Integrity
- Organisational skills
- Detail oriented mind
- No-nonsense approach
- Strong backbone (won’t buckle to resistance from disgruntled family members or friends)
- Emotionally strong (will be able to perform their role competently while mourning your loss)
Keeping these factors in mind, it’s a good idea not to choose your spouse or someone in your immediate family to take care of the job. This will ease the burden on them when you pass away.
Hiring a professional executor of will in NSW
If you don’t think anyone that you know personally is capable of performing the task adequately, you can always hire an outside professional to take care of it. They will usually work for a flat fee or will ask for a percentage of your estate’s net worth (3-5% is normal).
Many people prefer to go this route as they feel an outside professional will be truly unbiased and won’t be manipulated by family members. Normally a bank trust accountant or a lawyer will take on this role as they will have critical thinking skills and legal expertise.
If you decide to go with this option, make sure that you interview them so that you can get a better sense of their trustworthiness and attitude towards the job. They should explain if they have any prior experience doing this type of job so that you can be reassured they know what they’re doing.
Whatever route you choose to go with, hopefully the above information has given you a greater level of insight on what qualities you need you executor of will in NSW to possess.
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